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Assume that you are about to start a new business. What type of business would it be? Why would you select this type of business as best for you?

Assume that you are about to start a new business. What type of business would it be? Why would you select this type of business as best for you?

Assume that you are about to start a new business. What type of business would it be?  Why would you select this type of business as best for you?

This project is due on the LAST DAY OF CLASS.  However, in order for you to have ample time for completion, it is being assigned NOW.

Instructions

  • Assume that you are about to start a new business. What type of business would it be?  Why would you select this type of business as best for you?  Be specific and explain your product or service offerings. (minimum of 2 paragraphs with more than 3 sentences per paragraph)
  • How would you organize your business structure and why (sole proprietorship, partnership, corporation, franchise)? Explain why you made this choice over the other options available.   (minimum of 2 paragraphs with more than 3 sentences per paragraph)
  • Discuss the specific resources that would be necessary (capital, human, material, informational) in order to start and run your business? Discuss each type fully.  (minimum of 4 paragraphs with more than 3 sentences per paragraph)
  • Discuss each of the 5 functions of business as they pertain to your business and how you will address each one of these in your company.  (minimum of 5 paragraphs with more than 3 sentences per paragraph)
  • Discuss 3 external forces that will likely impact your business. Explain how will you address each of these challenges.  (minimum of 3 paragraphs with more than 3 sentences per paragraph)
  • Identify and discuss your target market.  How would you market your business in order to attract you target market? Be specific.  (minimum of 2 paragraphs with more than 3 sentences per paragraph)
  • How could you use social media to promote your business? Provide an example of a social media post, you would use. Be sure to identify the type and platform for this post.  (minimum of 2 paragraphs with more than 3 sentences per paragraph)
  • Conduct a SWOT analysis on the possibility of starting your new business.  Provide at least 2 items in each category. Use the chart below.

SWOT Analysis

HelpfulHarmfulInternalStrengthsWeaknessesExternalOpportunitiesThreats

  • How could you use your strengths to take advantage of opportunities and ward off threats? ( (minimum of 1 paragraph with more than 3 sentences per paragraph)
  • How can you shore up your weaknesses? (minimum of 1 paragraph with more than 3 sentences per paragraph)

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